Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Stock market trading is something that needs expert guidance and has its own set of risks associated. This is why, people generally consult experts before investing in stocks. However, one needs to be careful who they are seeking advice from when it comes to financial matters. In a recent case, a 63-year-old man from Hyderabad lost Rs 50 lakh after falling for a fraudulent stock trading scheme shared through a <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> group. This is just one example of how fraudsters are increasingly using messaging platforms to lure in victims with false promises of easy profits. <h2>How the scam unfolded </h2> The scam began when the victim received an invitation to join a WhatsApp group called Stock Discussion Group. According to a Times Now report, the group was led by a man named <keyword id="23828130" type="General" weightage="20" keywordseo="kunal-singh" source="keywords">Kunal Singh</keyword>, who introduced himself as a financial advisor with extensive experience in the stock market. Singh claimed that his past clients had earned significant profits, boasting of returns as high as 500% by following his stock trading advice. Intrigued by these promises, the victim enrolled in online classes that were promoted within the group. These sessions, held through private links shared on WhatsApp, promised to teach participants how to make money by investing in the stock market. Singh continued to assure group members that his expertise would guide them to financial success. The victim, trusting his guidance, began to invest small amounts of money on a platform called Skyrim Capital, which Singh claimed was a legitimate trading platform. At first, the victim saw some returns on his investment, which only encouraged him to invest more. The initial success built his confidence, and over time, he transferred a total of Rs 50 lakh into multiple investments, believing that he was making wise financial decisions. However, when the victim attempted to withdraw his funds, he was unable to do so. The platform blocked his attempts, and when he tried to contact Singh, he received no response. The truth behind the scam The victim soon realised that he had been scammed. The platform, Skyrim Capital, turned out to be nothing more than a front for fraudulent activity, and Singh had disappeared with the man’s money. The scam had been carefully designed to build trust initially, only to betray the victim when he tried to cash out. The fraudsters used the lure of high returns and expert advice to convince the victim to keep investing larger sums, ultimately draining his finances. This scam is just one of many that have been reported in India, with cybercriminals exploiting the convenience and popularity of platforms like WhatsApp to reach potential victims. These scams often rely on false promises and fake personas, with fraudsters creating elaborate stories to convince their targets that they are legitimate financial advisors.

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

Many people around the world invest their hard-earned money in order to increase its value. Investments can be carried out through various channels and online investments are quite popular as they are a convenient way to earn some extra cash. However, the world of online investments is full of <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> as well who constantly look out for unsuspecting victims. In many cases, these scammers pose as financial advisors and lure people in their trap. They might even let the victim earn some money to prove their authenticity. Once the victim begins trusting them, the fraudsters show their true colourrs. Something similar happened with a man from Hyderabad, who fell victim to a <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, losing Rs 8.17 lakh in a deceptive <keyword id="22852878" type="General" weightage="20" keywordseo="online-trading-scheme" source="keywords">online trading scheme</keyword>. The incident highlights the growing menace of <keyword id="19971937" type="General" weightage="20" keywordseo="cybercrime" source="keywords">cybercrime</keyword>, especially in the form of <keyword id="21250548" type="General" weightage="100" keywordseo="investment-scams" source="keywords">investment scams</keyword> that prey on unsuspecting individuals seeking quick profits. <h2>How the scam unfolded</h2>As per a report in New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was lured into joining a group that claimed to offer profitable trading opportunities. The scammers added him to social media groups where they showcased the supposed success stories of others who had invested and made significant profits. Encouraged by these (false) success stories, the victim began by investing a small amount of money. To his surprise, he quickly received returns on his initial investment, which further convinced him of the scheme’s legitimacy. This early success was part of the scammers' strategy to build trust and encourage the victim to invest larger amounts. As the victim's confidence grew, he decided to invest more money, even going as far as taking bank loans and borrowing from friends to increase his trading capital. The scammers, posing as experienced traders, provided him with tips and advice, which seemed to be leading to profitable trades. However, as time passed, the victim started noticing irregularities. Despite his trades showing profits, the system would automatically close them, resulting in losses. When he questioned this, the scammers blamed the system’s automated processes and reassured him that his losses could be recovered by investing more. The situation reached a tipping point when the victim was unable to withdraw any funds from the trading app. Growing increasingly concerned, he approached a friend for a loan, explaining his predicament. It was this friend who first alerted him to the possibility that he was being scammed. Realizing the gravity of the situation, the victim immediately filed an online complaint with the cybercrime police. <keyword id="22852879" type="General" weightage="20" keywordseo="Hyderabad-Cyber-Crimes-police" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad Cyber Crimes police" meta.hostid="261" meta.entityid="Hyderabad Cyber Crimes police">Hyderabad Cyber Crimes police</keyword> have registered a case and are currently investigating the matter. According to an official statement, the scammers had manipulated the trading app from the backend, deliberately causing the victim’s trades to close in losses even when they were in profit. The fraudsters continued to pressure the victim to transfer more funds, promising that he could recover his losses by making additional investments. <h2>How to protect yourself from such scams</h2>This incident serves as a stark reminder of the dangers of online investment schemes, particularly those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to build trust with their victims, only to deceive them into losing substantial amounts of money. Thus, if you receive random calls or messages offering investment opportunities, approach them with caution. Scammers often use high-pressure tactics to convince you to invest quickly. If you do decide to invest, before going ahead, research the platform or group thoroughly. Check for reviews, and verify if the platform is registered with relevant financial authorities. In addition to this, be cautious about sharing your financial details or personal information with unknown parties, especially through unsecured communication channels. Also, if you are considering a new investment opportunity, seek advice from trusted friends, family members, or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.

Hyderabad man uses online trading app to try and earn some extra money, loses Rs 8 lakh

<ul class="summary-list"><li>Rapper Sean Combs and crypto fraudster <keyword id="20003002" type="General" weightage="20" keywordseo="Sam-Bankman-Fried" source="keywords">Sam Bankman-Fried</keyword> are sleeping in the same jail dormitory.</li><li>Combs, known as <keyword id="20236268" type="General" weightage="100" keywordseo="Diddy" source="keywords">Diddy</keyword>, has been in the <keyword id="23241522" type="General" weightage="20" keywordseo="Brooklyn-jail" source="keywords">Brooklyn jail</keyword> since last week on <keyword id="20069055" type="General" weightage="20" keywordseo="sex-trafficking" source="keywords">sex trafficking</keyword> charges.</li></ul>Crypto fraudster Sam Bankman-Fried just got a new roommate. Sean Combs, the rapper known as Diddy, and Bankman-Fried are bunking in the same dormitory of a Brooklyn jail, said a person familiar with the situation who spoke on condition of anonymity because they were not authorized to talk publicly about the housing arrangement. Their identity is known to Business Insider. Combs has been held at <keyword id="23228804" type="General" weightage="20" keywordseo="Metropolitan-Detention-Center" source="keywords" meta.keywordsubtype="org" meta.entityname="Metropolitan Detention Center" meta.hostid="261" meta.entityid="Metropolitan Detention Center">Metropolitan Detention Center</keyword> for almost a week after being denied bail on federal sex trafficking and racketeering charges. Bankman-Fried has been imprisoned at the same jail since last year. He is serving a 25-year sentence on fraud charges after stealing $8 billion from customers of his FTX crypto exchange. He funneled money into his crypto-trading fund Alameda Research, venture capital investments, political donations, and used it for personal spending. The pair are among roughly 20 inmates housed in the area, which is reserved for those who need special security, including high-profile defendants, people familiar with the situation told NBC News. Other high-profile inmates, like disgraced pop singer R. Kelly and sex offender Ghislaine Maxwell —who has ties to Jeffrey Epstein— have previously been held in MDC. The jail holds around 1,200 detainees, and has a reputation for tough conditions. Last week, Combs's lawyers called it too "horrific" for a defendant pre-trial, and a lawyer for an inmate who died there after a fight this summer once said it is overcrowded and understaffed, calling it "hell on earth." Combs' lawyers have since changed course, saying he "can't say enough good things about the MDC, which has been responsive to our and his needs," according to comments obtained by the New York Times. Correction: September 25, 2024 — An earlier version of this story misattributed details about the purpose of the part of the jail where Sam Bankman-Fried and Sean Combs were being held and how many people were being held there. Those details were attributed to unnamed sources in a report from NBC News and did not come from a source who spoke with Business Insider or sources who spoke with The New York Times. Jacob Shamsian contributed reporting.

Diddy and crypto fraudster SBF are sharing a dorm-style room in a Brooklyn jail

<ul class="summary-list"><li>Two brothers were charged with insider-trading fraud ahead of Trump Media's public offering.</li><li>Michael and Gerald Shvartsman each pleaded guilty to one count of securities fraud.</li></ul>Two brothers who were charged with participating in an insider-trading scheme ahead of Trump Media and Technology Group's public offering each pleaded guilty Wednesday to one count of securities fraud.Michael and Gerald Shvartsman were charged with making illegal trades based on nonpublic knowledge that the special-purpose acquisition company Digital World Acquisition Corp. was going to acquire Trump Media and take it public, according to the indictment. Trump Media is Truth Social's parent company."Michael and Gerald Shvartsman admitted in court that they received confidential, inside information about an upcoming merger between DWAC and Trump Media and used that information to make profitable, but illegal, open-market trades," Damian Williams, the US attorney for the Southern District of New York, <a target="_blank" href="https://www.justice.gov/usao-sdny/pr/two-individuals-plead-guilty-participating-insider-trading-scheme-based-spac-merger">said in a statement</a>.The brothers were first arrested in June on charges of securities fraud. One count of such charges carries a maximum prison sentence of 20 years, according to the US Attorney's Office of the Southern District of New York. Through their plea agreements, the government recommended sentences of three to five years. Both brothers are set to be sentenced in July.According to authorities, they pocketed more than $22 million between them in the trades. Michael Shvartsmanl used some of the $14 million he made to buy a yacht he called Provocateur, <a target="_blank" href="https://www.nytimes.com/2024/04/03/business/trump-media-insider-trading-guilty.html">The New York Times reports</a>.A third man, Bruce Garelick, was also charged and is set to go on trial later this month, the Times reported. Attorneys for Garelick did not immediately respond to a request for comment from Business Insider.The indictment does not say Donald Trump had any involvement in the scheme."Insider trading is cheating, plain and simple, and today's convictions should remind anyone who may be tempted to corrupt the integrity of the stock market that it will earn them a ticket to prison," Williams said.Meanwhile, Trump Media is <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-spac-merger-djt-truth-social-lawsuit-2024-4">suing its cofounders</a> for damaging the business and attempting to thwart the DWAC merger.Shares in Trump Media tumbled more than 20% on Monday after it reported a net loss of $58 million last year and revenue of $4.1 million, causing the former president's net worth <a target="_blank" href="https://www.businessinsider.com/trump-worth-billion-dollars-less-after-truth-social-shares-fall-2024-4">to fall by over $1 billion</a>.

Trump Media investors charged with insider trading plead guilty to fraud

<ul class="summary-list"><li>Andrew Left, a short-seller known for his research and social-media activity, has been accused of fraud.</li><li>The Justice Department alleges that Left "knowingly exploited his ability to move stock prices."</li></ul>Andrew Left, the famed short-seller who made millions betting against public companies, has been charged with fraud by federal prosecutors.The Citron Research founder was charged with 17 counts of securities fraud on Friday, as well as making false statements to federal investigators, according to a <a target="_blank" class="" href="https://www.justice.gov/opa/pr/activist-short-seller-charged-16m-stock-market-manipulation-scheme">release</a> from the Justice Department.Left — who prosecutors say took in profits of at least $16 million — rose to prominence on Wall Street nearly a decade ago, when he made a <a target="_blank" href="https://www.businessinsider.com/valeant-stock-plunge-timeline-2015-10#:~:text=Valeant%20Pharmaceuticals'%20share%20price%20went,it%20to%20Enron%20on%20Wednesday.">high-profile bet against Valeant Pharmaceuticals</a>, now known as Bausch Health. His report, which compared the company to Enron and quickly tanked the stock, proved largely accurate. An executive at the firm was later convicted as part of a kickback scheme that gave business to the pharmacies it controlled.With his high profile established, Left regularly used social media and TV appearances to promote his research as a short-seller.His subsequent bearish commentary focused on other popular companies, including <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-short-selling-andrew-left-citron-bets-hertz-nikola-2020-6">Hertz</a>, Nikola, and American Airlines, arguing that their stocks were overvalued. Prosecutors specifically cited sharp share-price losses in American after a tweet from Left, after which he closed out most of his short position.But not all of Left's public commentary was negative. In 2018, he said on Twitter that he was bullish on Tesla. He sold more than half his stake within a minute of posting, making $1 million on the share pop, the indictment said."Left established long or short positions in the public company on which he was commenting in his trading accounts and prepared to quickly close those positions post-publication and take profits on the short-term price movement caused by his commentary," prosecutors said.Left also had some misfires. He incurred a high-profile <a target="_blank" class="" href="https://www.wsj.com/finance/stocks/gamestop-burned-andrew-left-in-2021-hes-betting-against-the-stock-again-4377cecb">loss on GameStop</a> as the stock skyrocketed following an unprecedented groundswell of retail-investor activity. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-stop-publishing-short-seller-research-gamestop-squeeze-andrew-left-2021-1-1030020509">Citron stopped publishing reports</a> in the wake of the short squeeze, with Left saying his <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citron-andrew-left-gamestop-fight-angry-mob-investors-harass-family-2021-1-1029995012">family was harassed</a> by an "angry mob" of GameStop investors. Even then, he maintained an online presence, posting about various companies on social media or, at times, appearing on televised segments on <a target="_blank" href="https://www.cnbc.com/2021/09/24/citron-research-short-seller-andrew-left-on-evergrande-debt-crisis.html">CNBC</a>, <a target="_blank" class="" href="https://www.foxbusiness.com/video/6296565778001">Fox</a>, and <a target="_blank" class="" href="https://www.bloomberg.com/news/videos/2023-07-11/left-doesn-t-know-why-feds-are-investigating-him-video">Bloomberg</a>."The commentary routinely included sensationalized headlines and exaggerated language to maximize the reaction it would get from the stock market," prosecutors said. "As alleged, Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money."The indictment also claimed Left made false statements about his research firm's connection to hedge funds. Prosecutors said he falsely stated on one occasion that his research firm "never" received compensation or lined up its trading with another hedge fund before releasing a report."To further the scheme, Left allegedly advanced the false pretense that his investment recommendations were credible because he was independent and free from any financial conflicts of interest," the complaint added. "However, Left allegedly concealed Citron's financial relationships with a hedge fund by fabricating invoices, wiring payments through a third party, and making false and misleading statements to the public about Citron's relationship with hedge funds."Left has downplayed his role as a Wall Street financier. Citron's website lists him as the firm's "<a target="_blank" href="https://citronresearch.com/who-is-citron-research/#:~:text=Citron%20Research%20%2D%20Andrew%20Left%20%7C%20Founder%20%26%20Executive%20Editor">executive editor</a>," saying Citron's goal is to "provide truthful information in an entertaining format.""Sometimes, you have a great story and the biggest challenge is, 'How do I get people to read it?'" Left said in a 2015 interview with The Wall Street Journal. "Wall Street research is painfully boring. I enjoy being entertaining."In an interview with Bloomberg last year, Left said he didn't know why investigators were looking into his firm."I don't know what the government is going to do," he said. "Activists are just people who basically just do extra homework and express their opinion. I don't know what the exact investigation is about, but it has to do with short-sellers and activist short-sellers, obviously."Citron Research did not immediately respond to a request for comment from Business Insider.Correction: July 26, 2024 — An earlier version of this story misstated the status of Nikola. It is still in business, not defunct.

Feds accuse famed short-seller Andrew Left of fraud and market manipulation

<ul class="summary-list"><li>Carson Block told Bloomberg TV that the stock market needs short sellers "more than ever."</li><li>Otherwise, even problematic companies will benefit from the current speculative bull run, he said.</li></ul>The market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told <a target="_blank" href="https://www.youtube.com/watch?v=1khZEB-5cJE">Bloomberg TV</a>.But being a contrarian right now is a challenge, with short sellers increasingly out of place in the latest bull rally, the Muddy Waters founder said. Where sellers profit by betting against problematic firms, most investors today are chasing narratives and speculation, he said."There are more companies playing more games. A lot of them are in the gray zone; you don't know whether it's over the line or not," Block said. "So they're not gonna get prosecuted in this environment."He added: "The market needs short sellers more than ever, given the amount of games that are being played. But if the long side doesn't care, then, you know, this can continue until it doesn't."Block isn't alone in making this point.Last month, legendary investor Jim Chanos told Bloomberg that the market was riding through "<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-12/chanos-laments-difficulty-to-raise-cash-in-golden-age-of-fraud">the golden age of fraud</a>," as today's record-breaking market run is pumping up valuations even for companies that don't deserve it.Chanos, who garnered fame on Wall Street for forecasting Enron's downfall, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-chanos-short-seller-hedge-funds-bear-bets-tesla-enron-2023-11">closed his hedge funds</a> last year. He cited a changed marketplace, where passive investing has placed pressure on short sellers.In February, David Einhorn also shared frustration with today's market behavior. Investors are trading on a firm's fundamental merits less and less, he said. Instead, passive investors have "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/value-trading-outlook-passive-algorithmic-investors-short-selling-david-einhorn-2024-2">completely annihilated"</a> the value industry.Although Einhorn's Greenlight Capital was up 22.1% last year, he cited significant losses on four short positions in a letter to clients.Faced with this environment, JPMorgan said that short bets on major US indexes fell to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-short-selling-record-lows-correction-volatility-jpmorgan-2024-6">record lows in late June</a>. That's because short positions are expensive to hold when the market is constantly climbing, it said.But according to Block, not only are short sellers hampered by the speculative frenzy, these traders are facing pushback from regulators and "populist" investors.He argued that short sellers who seek out fraudulent or failing firms have been helpful to agencies such as the US Securities and Exchange Commision. Meanwhile, some companies have taken to trying to turn investors against short sellers, Block added. Tesla's CEO Elon Musk has often lamented short positions on its stock, pushing Tesla higher, he noted. "It's easy to demonize short sellers, as part of the populist messaging, and somehow call us suits," Block said.Trump Media and Technology Group offers a more recent example. The company attracted a number of short positions after going public in March, causing it to issue warnings to its investors on how to combat short sellers.After posting the advice, the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-short-sellers-squeeze-share-recall-2024-4">stock jumped 12%</a>.

Short-sellers are more important than ever for keeping fraud out of the market, Carson Block says

<ul class="summary-list"><li>Beijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020.</li><li>Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life.</li></ul>It just seems to get worse and worse for <a target="_blank" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">fallen Chinese real-estate giant Evergrande.</a>The developer, at one time China's largest, is in <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">liquidation</a> after several years in a <a target="_blank" href="https://www.businessinsider.com/china-housing-market-explainer-cost-debt-wealth-evergrande-impact-2021-9#">debt crisis.</a>Now, it's being accused of fraud, too.The China Securities Regulatory Commission, or CSRC, has accused Hengda Real Estate — Evergrande's flagship onshore unit in China — and its founder Hui Ka Yan, also known as Xu Jiayin, of inflating its revenue by 564 billion Chinese yuan, or $78 billion, in 2019 and 2020, according to an <a target="_blank" href="https://www.szse.cn/disclosure/listed/bulletinDetail/index.html?fcedf251-216f-4503-8189-68e7fcf5e540&amp;">exchange filing released on Monday</a>. It also issued bonds based on the falsified results, the CSRC alleges.Evergrande did not immediately respond to a request for comment from Business Insider.To understand the scale of the alleged $78 billion fraud, consider the following two cases, as <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-19/china-accuses-evergrande-of-78-billion-fraud-among-worst-ever">Bloomberg</a> pointed out. In 2020, Chinese coffee giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/luckin-coffee-plans-return-us-stock-market-300-million-fraud-2022-1">Luckin Coffee</a> inflated its revenue by $300 million. <a target="_blank" href="https://www.google.com/search?q=enron+fraud+busiessinsider&amp;sca_esv=856a53dbc632d9c9&amp;rlz=1C5GCEM_en&amp;ei=7SH5ZYvqG83BjuMPz-qggAI&amp;ved=0ahUKEwjLlMavy_-EAxXNoGMGHU81CCAQ4dUDCBA&amp;uact=5&amp;oq=enron+fraud+busiessinsider&amp;gs_lp=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&amp;sclient=gws-wiz-serp">Enron</a> pumped up its profits by $600 million in 2001. Both Enron and Luckin rank among the <a target="_blank" href="https://money.usnews.com/investing/articles/biggest-corporate-frauds-in-history">biggest fraud cases in history</a>, and neither comes close to the scale of the allegations levied against Evergrande.The CSRC said Hui was responsible for organizing and falsifying financial information using means that were "particularly egregious." The authority slapped Hui with a 47 million yuan fine for his violations and banned him from the securities market for life.The CSRC also imposed a 4.2 billion Chinese yuan fine on Hengda Real Estate.Other former Hengda Real Estate executives, including its ex-CEO and ex-CFO, were also hit with fines and market bans.These mark the latest developments in the downfall of Hui, who was put under <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2023-09-27/evergrande-s-billionaire-chairman-hui-is-under-police-surveillance">police surveillance</a> in September. He has also <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-01/luxury-house-linked-to-evergrande-s-hui-put-on-sale-in-hong-kong">lost three mansions</a> in The Peak, Hong Kong's prestigious neighborhood.Bejing's crackdown on Evergrande could be a signal to other developers to get their acts together, said an analyst."The CSRC fines may serve as a warning to owners of other defaulted developers that failing to collaborate with authorities over debt restructuring could result in severe consequences," Zerlina Zeng, the head of East Asia corporates at CreditSights, a research firm, told Business Insider.Zeng added that the fines are unlikely to impact Evergrande's liquidation process because Hui is unlikely to pay using his personal wealth anyway.<a target="_blank" href="https://markets.businessinsider.com/news/bonds/china-property-debt-crisis-two-thirds-developers-default-country-garden-2023-9">Many Chinese property developers</a> have defaulted on their debt in the past several years, and there are fears that China's property crisis could spill over into the broader domestic, causing contagion in the <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10">global economy.</a>Trading in <a target="_blank" href="https://markets.businessinsider.com/stocks/egrnq-stock">Evergrande shares</a> on the Hong Kong Stock Exchange has been halted since January 29 when it was ordered to be liquidated.

Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.

<ul class="summary-list"><li>Trump Media shares rose Wednesday, adding another $1.4 billion of market value in its second day of trading.</li><li>Bloomberg noted more than 18 million shares were traded Wednesday morning. </li></ul>Truth Social's parent company debuted on the stock market with a bang this week, piling on more gains in its second day of trading on Wednesday.The company saw its value rise as much as $1.4 billion in its second day of trading, touching a $9.7 billion market cap as shares hit an intraday high of $71.93. The stock, which trades under the ticker DJT, pared some gains by the afternoon to trade at $66.41, up by about 15%. That follows the <a href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-soars-djt-ticker-symbol-truth-social-2024-3?_gl=1*1gvynwr*_ga*MzE5NjcxNzA3LjE2OTU3NDM1ODY.*_ga_E21CV80ZCZ*MTcxMTU2MDQwOC42ODUuMS4xNzExNTYwNDIwLjAuMC4w">59% jump on its first day of trading on Tuesday.</a>The gains are a huge boost to former President Donald Trump's net worth, who owns about a 58% stake in the company. Trump Media is now valued at about $7.5 billion after the stock's second day of strong gains. The stock's big rally has pushed Trump's net worth up immensely, with his wealth now surpassing that of George Soros. But those gains are on paper for now as the former president can't sell his shares until a six-month lock-up expires. A waiver from the board, which consists of close allies and family members, could allow him to offload his shares before then. The hype around the Trump-linked stock comes at a critical time for the former president, who is looking at steep legal costs and judgments against him. The former president just saw the bond in his civil fraud case <a href="https://www.businessinsider.com/donald-trump-bond-reduction-civil-fraud-case-rare-legal-experts-2024-3#:~:text=An%20appellate%2Dcourt%20decision%20reducing,one%2C%20according%20to%20legal%20experts.">dialed down to $175 million</a>, which a court said he would have 10 days to pay while he appeals a $475 million judgement against him.

Trump Media adds another $1.4 billion of market value in 2nd day of trading

<ul class="summary-list"><li>More than 46,000 people fell prey to <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> scams since the beginning of 2021, according to <a href="https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze">the Federal Trade Commission</a>. </li><li>They collectively lost more than $1 billion, the FTC said in a new report.</li></ul>More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, <a href="https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze">according to the Federal Trade Commission</a>. Crypto accounted for about one out of every four dollars reported lost, the most out of any other payment method, the FTC said in a report released Friday. The median individual loss was $2,600, and the top cryptocurrencies used to pay scammers included Bitcoin, Tether, and Ether, the FTC said.About half of the people who reported being scammed said it started with an ad, post, or message on a social media platform. Instagram, Facebook, WhatsApp, and Telegram all topped the list of social media sites reported as the source of the scams. The majority of the scams were investment-related <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword>, with the FTC reporting $575 million in losses for bogus investment opportunities since 2021. Romance-related cons were the second most common type of scams. The reported losses in 2021 were nearly sixty times more than what was reported in 2018. According to the FTC, since crypto isn't centralized in a bank, there's no entity to report fraud or suspicious activity to, and the transactions can't be reversed. The FTC shared some advice to help people avoid future scams, including staying clear of guaranteed profits and big returns: "No cryptocurrency investment is ever guaranteed to make money, let alone big money.Additionally, the FTC warned "nobody legit will require you to buy crypto currency," and to "never mix online dating and investment advice."If a new love interest wants to show you how to invest in crypto, or asks you to send them crypto, that's a <keyword id="41357" type="UNKNOWN" weightage="60" keywordseo="scam" source="Orion">scam</keyword>," the FTC said.

Crypto scams conned thousands of people out of over $1 billion since 2021, the most of any type of currency, according to new FTC report

<ul class="summary-list"><li>YouTuber <keyword id="13914385" type="UNKNOWN" weightage="60" keywordseo="fynn-kliemann" source="Orion">Fynn Kliemann</keyword> apologized after he was accused of sending faulty <keyword id="11917128" type="UNKNOWN" weightage="60" keywordseo="masks" source="Orion">masks</keyword> to refugees. </li><li>He was also accused of having masks made in Bangladesh and advertising them as "produced in Europe."</li></ul>A German YouTuber has apologized to his friends, followers, and business partners after facing allegations he sent faulty masks to refugee organizations and misled buyers about where they were manufactured.An investigation aired May 5 on the German late night show <a href="https://www.youtube.com/watch?v=P1GZQDeVqlk&amp;ab_channel=ZDFMAGAZINROYALE" target="_blank" rel="noopener">"ZDF Magazin Royale"</a> that focused on Kliemann and German textile company Global Tactics. The host, satirist Jan Böhmermann, claimed in the segment that Kliemann and his business partner Tom Illbruck sold masks through Global Tactics that were made in Bangladesh, but were all labeled and advertized as being <a href="https://www.instagram.com/p/B-aM43iirQl/" target="_blank" rel="noopener">"produced in Europe" under "fair" conditions</a>.Böhmermann, whose show <a href="https://foreignpolicy.com/2016/04/22/jan-bohmermann-merkel-erdogan-poem-german-comedy-satire/">has drawn comparisons</a> to comedian John Oliver's mix of satire and investigation, also claimed that the masks Global Tactics donated to refugee organizations in Greece and Bosnia turned out to be "unusable." Fynn Kliemann, who has 585,000 YouTube subscribers and is known for posting vlogs about his creative projects, said he took the allegations "very seriously" in <a href="https://www.instagram.com/p/CdOXtS0DqjN/" target="_blank" rel="noopener">an Instagram video response posted on Saturday</a>.In Kliemann's response video, he apologized to fans but also denied some of the allegations or shifted blame."I must apologize for some and must urgently correct others because the <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword> allegations are simply not true," Kliemann said in his video, which Insider translated to English. "Yes, Global Tactics has also made masks in Bangladesh. No, I have never sold or advertised these masks. I only offered masks that came 100% from Portugal and Serbia."He did not directly address whether any of the masks donated to refugees were ultimately faulty, but said that the manufacturer had told him that the masks "were not defective or had any poor protection.""I was told they would simply be a little larger than the default and that they would be donated by Global Tactics and Tech Solutions," Kliemann said.Kliemann's video also went into details about the specifics of emails sent between his company and buyers of the masks. He claimed he had been "partly copied" into emails about the details of where the masks were made, but had dropped the ball due to the level of demand.Kliemann claimed to be receiving hundreds of emails a day about the masks and that this meant he could "no longer keep track of the process.""But this must never happen and so I must take — even if I was neither producer or a buyer — responsibility," he said.In the investigation, Böhmermann claimed making masks in Asia increased Global Tactics' profit margin — costing just 45 cents to make per mask. Customers paid 98 cents per mask in a pack of 100 and €2.20 if bought in packs of ten, <a href="https://www.businessinsider.de/wirtschaft/ein-kleines-modelabel-hat-seine-produktion-schon-vor-wochen-auf-mundbedeckungen-umgestellt-und-ist-nun-grossproduzent-dahinter-steckt-unter-anderem-fynn-kliemann/" target="_blank" rel="noopener">according to an interview Kliemann and Illbruck gave to Business Insider Germany</a> in April 2020.At the end of Kliemann's response video, he apologized and said he felt "ashamed." Kliemann added he should have done more research and that "every person deserves the same protection""I simply lost sight of my moral compass," he said, "and would like to apologize for the non-transparent communication."Insider has reached out to Kliemann and Global Tactics for further comment.

A German YouTuber apologizes after facing allegations of sending faulty masks to refugees

<ul class="summary-list"><li>Sam Bankman-Fried, cryptocurrency's former golden boy, was convicted in Manhattan federal court.</li><li>His former friends and executives took the stand against him and said they stole money together.</li></ul>Sam Bankman-Fried's criminal trial was a treasure trove of revelations about the former crypto king.Dethroned from his cryptocurrency empire, Bankman-Fried stood trial for five weeks in a Manhattan federal court before a jury convicted him on all counts.Bankman-Fried siphoned billions of dollars from customers of his crypto exchange, FTX, to his personal crypto hedge fund, Alameda Research. Three of his close friends and executives — Caroline Ellison, Gary Wang, and Nashad Singh — all pleaded guilty and testified as cooperating witnesses, saying they co-conspired with Bankman-Fried in the plot.Here are the wildest details from the trial.<h2>1. SBF believed there was a 5% chance he'd be president</h2>If the trial established anything, it's that Bankman-Fried had an inflated view of himself.In addition to being the leader of a major cryptocurrency exchange, the FTX founder thought he might eventually become the leader of the free world, Caroline Ellison testified."He said there was a <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-wanted-president-caroline-ellison-testimony-2023-10">5% chance he might be president</a> someday," Ellison, the former CEO of Alameda Research and his ex-girlfriend, testified.<h2>2. He placed a high value on his mane of curls</h2>As he aimed high with his potential, Bankman-Fried did the same with his hair. Since being remanded to a federal detention center in Brooklyn, he got a <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-recognize-sam-bankman-fried-trial-suit-haircut-2023-10">shorter haircut</a>. The Wall Street Journal reported it was another inmate who cut his hair.But Bankman-Fried previously said his mane of unruly black curls was "essential to his image," Ellison testified."He thought his hair was very valuable," Ellison said, noting that Bankman-Fried believed he'd gotten <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-hair-higher-bonuses-car-caroline-ellison-2023-10">higher bonuses in past jobs due to his hair.</a><h2>3. The stress of the scheme left a key executive 'suicidal for days'</h2><div type="image" title="Nishad Singh." height="1400" width="1867" msid="104708172" hostid="261"></div>Nishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. Singh, who pleaded guilty to financial crimes and cooperated with prosecutors, had a significant <a target="_blank" href="https://www.businessinsider.com/ftxs-nishad-singh-embarrassed-bankman-frieds-flashy-spending-2023-10">stake in the company</a> and was among the last in Bankman-Fried's inner circle to find out Alameda was pilfering FTX customer funds.As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified."I'd been suicidal for some days," Singh said. "Now more than ever, to salvage whatever we could, FTX employees needed to be productive, and resolving the blame game quickly and definitively seemed like it would be a path towards that."<h2>4. Bankman-Fried's co-conspirators knew they were doing something wrong</h2>Ellison, Singh, and Wang all testified that, even before they met with prosecutors and pleaded guilty, they knew taking customer funds was the wrong thing to do — and did it anyway."Customers did not agree for us to use their funds," Wang testified.Only six days after FTX's bankruptcy, <a target="_blank" href="https://www.businessinsider.com/gary-wang-agreed-cooperate-sbf-trial-first-meeting-prosecutors-2023-10">Wang flew to the United States from FTX's headquarters in the Bahamas and met with prosecutors</a>."I thought I was likely to be charged and I wanted to get a shorter prison sentence," said Wang, FTX's co-founder and chief technology officer.Ellison said Bankman-Fried justified lying through his utilitarian philosophy."He said that he was a utilitarian, and he believed that the ways that people tried to justify rules like don't lie and don't steal within utilitarianism didn't work," Ellison testified. "And he thought that the only moral rule that mattered was doing whatever would maximize utility."<h2>5. Bankman-Fried had an angry streak</h2><div type="image" title="Sam Bankman-Fried." height="923" width="1386" msid="104708173" hostid="261"></div>Singh testified that <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-trial-nishad-singh-testimony-ftx-scam-going-2023-10">Bankman-Fried sometimes snapped in anger</a> when he pushed back on the FTX CEO's spending habits and pressed for ways to pay back customers.When Singh suggested they buy a cheaper home in the Bahamas than <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-sbf-bahamas-mansion-penthouse-condo-photos-2023-10">the $35 million penthouse they ultimately purchased</a>, Bankman-Fried effectively told him to shut up, he testified."Sam said that he would pay $100 million for the drama to just be done with and go away, which I took as a pretty clear sign that I should shut up and we should move forward with this," Singh said.On another occasion, Bankman-Fried was visibly upset when Singh expressed anxiety about getting enough money for FTX customers."Sam has some physical twitches for when he gets angry," Singh said."Puffed out his chest, had his hands back, he was grinding his finger, closing his eyes, grinding his teeth or tongue in his mouth," he added. "When he opened them to respond, he would sort of glare at me with some intensity."<h2>6. SBF faced a confrontation with a colleague on a paddle tennis court</h2>Adam Yedidia, a software developer at FTX, described one tense conversation he had with <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-trial-adam-yedidia-bug-8-billion-alameda-2023-10">Bankman-Fried after playing paddle tennis</a>.Under a hut between the courts, Yedidia asked a "worried" and "nervous" Bankman-Fried if things were "okay" regarding the debt Alameda owed to FTX customers."In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.<h2>7. FTX didn't realize for months that a bug miscalculated its balances by hundreds of millions of dollars</h2><div type="image" title="adam yedidia sam bankman fried trial" height="2375" width="3563" msid="104708174" hostid="261"></div>Jurors spent a lot of time in the trial hearing about <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-trial-adam-yedidia-bug-8-billion-alameda-2023-10">a bug in FTX that miscalculated Alameda's deposits</a> on the exchange.Yedidia testified <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-trial-former-roommate-adam-yedidia-immunity-testimony-2023-10">he may have "inadvertently" introduced the bug into FTX's code</a> while working on a tool that helped automate customer deposits in 2021.In December of that year, FTX discovered that the bug in the code overstated how much Alameda owed to FTX customers. By the time the bug was discovered, the balance was off by $500 million.The bug wasn't fixed until June 2022. By that time, Alameda's understated liabilities on FTX had reached $8 billion.<h2>8. Bankman-Fried was told it was a bad idea for him to date Ellison</h2>Yedidia and Bankman-Fried were friends at MIT, where they lived together. Before Yedidia joined FTX in 2021, the two engaged in a bit of locker-room talk."Sometime in early 2019," Yedidia testified, Bankman-Fried "told me that he and Caroline had had sex and asked if it was a good idea for them to date.""I said no," Yedidia added, noting that Bankman-Fried "figured that was reasonable and thought that I would say something like that."<h2>9. Bankman-Fried may have paid a $100 million bribe to Chinese officials and hired 'Thai prostitutes' to retrieve money</h2><div type="image" title="Caroline Ellison got into the wrong car after leaving the courthouse on Tuesday." height="1969" width="3500" msid="104708175" hostid="261"></div>In her testimony, Ellison recounted an occasion where Chinese regulators froze two of Alameda's trading accounts — which together held about $2 billion in assets — as part of an investigation into a person who had traded with the accounts.Bankman-Fried and other members of Alameda's leadership tried several harebrained schemes to rescue the money, Ellison said.In one plan they tried, <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-believed-sbf-directed-bribe-chinese-officials-2023-10">they had "Thai prostitutes" make trades with Alameda's accounts</a> in a way that would transfer the wealth over to them, where Alameda would then transfer it to themselves.It didn't work, Ellison said.After trying a few other ideas, Bankman-Fried authorized what Ellison believed was "a large bribe" that was "in the ballpark of $100 million" to officials in China.The accounts were unlocked soon afterward, Ellison said.<h2>10. Ellison admitted to Alameda employees that she was taking money from FTX customers</h2>As FTX and Alameda were collapsing in November 2022, Ellison held an all-hands meeting with her staff at Alameda Research.At the November 9 meeting — two days before Alameda and FTX filed for bankruptcy — <a target="_blank" rel="" href="https://www.businessinsider.com/caroline-ellison-testify-criminal-trial-ftx-collapse-sam-bankman-fried-2023-9">Ellison said crypto prices were tanking</a>, and Alameda couldn't repay loans that lenders were recalling. Then, she dropped the bomb that Alameda had taken funds from unknowing FTX customers."I was utterly shocked," testified Christian Drappi, a former Alameda software engineer who was present at the meeting in Alameda's Hong Kong office. He quit within 24 hours of the meeting.Snippets of a recording of the meeting Drappi obtained were played for jurors in court.<a target="_blank" href="https://www.businessinsider.com/alameda-all-hands-meeting-caroline-ellison-shut-down-audio-2023-10">Insider exclusively got ahold of an hour-long recording of the entire meeting, which you can listen to here</a>.<h2>11. Ellison felt relieved that it all came crashing down</h2><div type="image" title="Caroline Ellison former CEO of Alameda Research" height="4000" width="6000" msid="104708176" hostid="261"></div>When customers withdrew their funds en masse in November of 2022 — leading to the collapse of FTX and Alameda — <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-freaked-out-alameda-owed-billions-lenders-2023-10">Ellison said her "constant state of dread" was lifted</a>. She no longer had to keep their theft a secret, she said."I felt a sense of relief that I didn't have to lie anymore, that I could start taking responsibility and being honest about what I had done," Ellison said. "Even though I obviously felt indescribably bad about all of the people that were harmed and the people that lost their money, the employees that lost their jobs, people that trusted us that we had betrayed."Ellison said she confided in Bankman-Fried about her feelings of relief because <a target="_blank" href="https://www.businessinsider.com/caroline-ellison-testimony-relationship-with-sam-bankman-fried-dating-2023-10">she didn't feel like she had anyone else she could talk to about her feelings</a>."I didn't feel I had anyone else to share it with because I had been trying to keep it secret for so long," she testified.<h2>12. SBF tried to butter up officials in the Bahamas where FTX was headquartered</h2>Before FTX imploded, Bankman-Fried tried to get in good with Bahamian officials like Prime Minister Philip Davis, to whom he offered to pay off the $11.6 billion national debt, prosecutors alleged.He also gave the prime minister and his wife floor seats at the FTX arena in Miami and offered to speak with their son about job prospects.As the whole scheme came crashing down in November 2022, when prosecutors said Bankman-Fried offered to allow Bahamians exclusive access to the exchange to withdraw their deposits, even though withdrawals had been frozen for everyone else.<h2>13. The jury convicted Bankman-Fried after deliberating for less than five hours</h2>After sitting for the five-week trial on complex subject matter, it took the jury four and a half hours to <a target="_blank" href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">find Bankman-Fried guilty</a> on all seven counts of fraud and conspiracy.Bankman-Fried stood unmoving as his lawyers whispered to him while the courtroom began to empty out following the verdict. He nodded once to his parents, who looked stricken and distraught.Bankman-Fried is expected to appeal. Outside the courthouse, his attorney said they respected the jury's decision but were "very disappointed with the result."

13 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial

<ul class="summary-list"><li>A fast-food worker obtained $200,000 of advance credit by making bogus deposits, the SEC says.</li><li>The Auntie Anne's employee piled the entire sum into <a href="https://www.businessinsider.com/tesla" target="_blank" rel="noopener">Tesla</a>, Nvidia, GameStop, AMC, and other stocks.</li></ul>A fast-food worker duped his online broker into giving him $200,000 of advance credit, then plowed the ill-gotten funds into stocks including Tesla, Nvidia, GameStop, and <a href="https://markets.businessinsider.com/stocks/amc_entertainment_a-stock">AMC Entertainment</a>, according to the Securities and Exchange Commission.Deyonte Jahtori Anthony, 23, was a part-time employee of an Auntie Anne's in North Carolina last summer. On July 1, he applied for a self-directed brokerage account, claiming he earned between $25,000 and $50,000 a year when he was only making about $400 a month, the SEC said in a complaint filed on August 25 and viewed by Insider.Anthony linked his trading account to a bank account with only 9 cents in it, then initiated unfunded deposits totaling $1 million between July 5 and 6. The pending deposits granted him access to $200,000 in immediate credit, which he plowed into eight stocks and an exchange-traded fund on July 6, the SEC said.The pretzel-shop worker piled about $85,000 into Apple, $78,000 into <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a>, $22,000 into Nvidia, $13,000 into AMC Entertainment, and $700 into Tesla. He invested another $800 across Cano Health, Electronic Arts, Resolute Forest Products, and ETFMG Prime Cyber Security, per the SEC.GameStop and AMC are both "<a href="https://markets.businessinsider.com/news/stocks/stock-market-performance-investors-chase-speculative-high-risk-meme-stocks-2023-7">meme stocks</a>" that skyrocketed in price in early 2021, as retail investors bought them en masse in a bid to punish short sellers and pocket huge gains in a matter of days. Tesla and Nvidia also have passionate fanbases who expect the pair to win big from the artificial-intelligence revolution. Intense hype has helped to <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-stock-share-price-outlook-erase-2022-losses-2023-2">nearly double</a> and <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-earnings-valuation-tesla-ai-artificial-intelligence-bubble-2023-8">more than triple</a> the automaker and graphics-chip company's respective stock prices this year.The broker discovered Anthony's alleged fraud the next day, froze his account, and liquidated all of his holdings. The short-lived purchases proved lucrative; the broker made about a $7,000 profit, including a roughly $4,700 return on GameStop, $1,600 on Apple, and $800 on <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>. All but one of Anthony's trades were in the green when his broker cashed out, the SEC complaint shows.Anthony wasn't able to withdraw any money before his account was frozen. His deposits were later reversed due to insufficient funds, and he was fired from Auntie Anne's on July 9 after not showing up for work. He admitted to making the deposits and misleading his broker under oath during investigative testimony, regulators said."When asked why he made the $1 million in unfunded deposits without having funds to cover the transactions, Anthony excused his conduct as 'a joke' and said that he 'never really thought of it as fraud,"' the SEC said.Anthony tried to execute what's known as a "free-riding" scheme, where a trader makes bogus deposits to access advanced credit, then tries to use that credit to make money and withdraw it before their broker catches on and freezes their account, the federal agency explained.The SEC said in its complaint that it's seeking to ban Anthony from trading securities without the necessary funds in his account, and force him to disclose this incident if he opens a brokerage account in the future.Anthony couldn't immediately be reached for comment by Insider.

You Searched For "share trading fraud" and got 12 results

63-year-old Hyderabad man loses ₹50 lakh after joining WhatsApp group for stock market investment advice

Divyanshi Sharma

Hyderabad man uses online trading app to try and earn some extra money, loses Rs 8 lakh

Divyanshi Sharma

Diddy and crypto fraudster SBF are sharing a dorm-style room in a Brooklyn jail

Kelly Cloonan

Trump Media investors charged with insider trading plead guilty to fraud

Geoff Weiss

Feds accuse famed short-seller Andrew Left of fraud and market manipulation

Jennifer Sor

Short-sellers are more important than ever for keeping fraud out of the market, Carson Block says

Filip De Mott

Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.

Huileng Tan

Trump Media adds another $1.4 billion of market value in 2nd day of trading

Aruni Soni

Crypto scams conned thousands of people out of over $1 billion since 2021, the most of any type of currency, according to new FTC report

Sarah Al-Arshani

A German YouTuber apologizes after facing allegations of sending faulty masks to refugees

Lindsay Dodgson,Sophia Ankel

13 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial

Katie Balevic,Jacob Shamsian

A pretzel-shop worker committed a $1 million fraud to buy Tesla, GameStop, and Nvidia shares - and ended up making $7,000 for his broker, SEC says

Theron Mohamed

Popular Keywords

Buying Guides